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IGF vs. CVE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGF vs. CVE

Last updated Jun 14, 2026

IGF (iShares Global Infrastructure ETF) is Industrials Equities fund tracking the S&P Global Infrastructure Index, while CVE (Cenovus Energy Inc.) is a stock. Over the past 10 years, IGF returned 8.67%/yr vs 9.03%/yr for CVE. At a 0.46 correlation, their price movements are largely independent.

Performance

IGF vs. CVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Infrastructure ETF (IGF) and Cenovus Energy Inc. (CVE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IGF achieves a 9.68% return, which is significantly lower than CVE's 68.13% return. Both investments have delivered pretty close results over the past 10 years, with IGF having a 8.67% annualized return and CVE not far ahead at 9.03%.

IGF

1D
0.67%
1M
1.89%
YTD
9.68%
6M
10.24%
1Y
17.04%
3Y*
16.28%
5Y*
10.22%
10Y*
8.67%

CVE

1D
-0.74%
1M
-8.27%
YTD
68.13%
6M
59.06%
1Y
95.05%
3Y*
22.38%
5Y*
26.16%
10Y*
9.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IGF vs. CVE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IGF
iShares Global Infrastructure ETF		9.68%21.31%14.81%6.14%-1.26%11.57%-6.50%25.82%-9.95%19.31%
CVE
Cenovus Energy Inc.		68.13%15.84%-5.83%-12.30%60.93%104.72%-39.59%46.98%-21.51%-38.38%

Correlation

The correlation between IGF and CVE is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.11

Correlation (3Y)
Calculated over the trailing 3-year period

0.27

Correlation (5Y)
Calculated over the trailing 5-year period

0.37

Correlation (10Y)
Calculated over the trailing 10-year period

0.39

Correlation (All Time)
Calculated using the full available price history since Nov 17, 2009

0.46

Over the past year, the correlation between IGF and CVE has dropped to 0.11 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Global Infrastructure ETF

Cenovus Energy Inc.

Often compared with IGF:
IGF vs. IFRAIGF vs. GIIIGF vs. NFRAIGF vs. SPYIGF vs. GLIFXIGF vs. VPUIGF vs. XLU
Often compared with CVE:
CVE vs. CNQCVE vs. SUCVE vs. OVVCVE vs. BTE.TOCVE vs. SU.TOCVE vs. APACVE vs. IMO

Return for Risk

IGF vs. CVE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGF
IGF Risk / Return Rank: 5454
Overall Rank
IGF Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
IGF Sortino Ratio Rank: 5252
Sortino Ratio Rank
IGF Omega Ratio Rank: 4949
Omega Ratio Rank
IGF Calmar Ratio Rank: 6464
Calmar Ratio Rank
IGF Martin Ratio Rank: 5353
Martin Ratio Rank
CVE
CVE Risk / Return Rank: 9494
Overall Rank
CVE Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
CVE Sortino Ratio Rank: 9393
Sortino Ratio Rank
CVE Omega Ratio Rank: 9191
Omega Ratio Rank
CVE Calmar Ratio Rank: 9696
Calmar Ratio Rank
CVE Martin Ratio Rank: 9696
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IGF vs. CVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Infrastructure ETF (IGF) and Cenovus Energy Inc. (CVE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

IGFCVEDifference
Sharpe ratioReturn per unit of total volatility
1.55
2.98

-1.43

Sortino ratioReturn per unit of downside risk
2.22
3.48

-1.27

Omega ratioGain probability vs. loss probability

1.27

1.42

-0.14

Calmar ratioReturn relative to maximum drawdown

2.78

7.52

-4.74

Martin ratioReturn relative to average drawdown

8.03

21.09

-13.06

IGF vs. CVE - Sharpe Ratio Comparison

The current IGF Sharpe Ratio is 1.55, which is lower than the CVE Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of IGF and CVE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IGF vs. CVE - Drawdown Comparison

The maximum IGF drawdown since its inception was -58.33%, smaller than the maximum CVE drawdown of -94.87%. Use the drawdown chart below to compare losses from any high point for IGF and CVE.

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Drawdown Indicators

IGFCVEDifference

Max Drawdown

Largest peak-to-trough decline

-58.33%

-94.87%

+36.54%

Max Drawdown (1Y)

Largest decline over 1 year

-5.87%

-13.72%

+7.85%

Max Drawdown (3Y)

Largest decline over 3 years

-14.28%

-49.57%

+35.29%

Max Drawdown (5Y)

Largest decline over 5 years

-20.83%

-53.51%

+32.68%

Max Drawdown (10Y)

Largest decline over 10 years

-42.11%

-89.22%

+47.11%

Current Drawdown

Current decline from peak

-2.98%

-11.10%

+8.12%

Average Drawdown

Average peak-to-trough decline

-11.86%

-44.12%

+32.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.04%

4.88%

-2.84%

Volatility

IGF vs. CVE - Volatility Comparison

The current volatility for iShares Global Infrastructure ETF (IGF) is 3.85%, while Cenovus Energy Inc. (CVE) has a volatility of 11.65%. This indicates that IGF experiences smaller price fluctuations and is considered to be less risky than CVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IGFCVEDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.85%

11.65%

-7.80%

Volatility (6M)

Calculated over the trailing 6-month period

8.73%

27.07%

-18.34%

Volatility (1Y)

Calculated over the trailing 1-year period

10.58%

34.64%

-24.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.00%

40.22%

-26.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.83%

50.58%

-33.75%

Dividends

IGF vs. CVE - Dividend Comparison

IGF's dividend yield for the trailing twelve months is around 2.94%, more than CVE's 2.07% yield.

PositionTTM20252024202320222021202020192018201720162015
CVE
Cenovus Energy Inc.		1.55%3.32%3.92%2.33%1.81%0.56%0.75%1.58%2.34%2.19%1.32%6.75%
IGF
iShares Global Infrastructure ETF		2.94%3.23%3.21%3.36%2.67%2.42%2.33%3.27%3.52%2.95%2.98%3.25%

Frequently Asked Questions

IGF and CVE have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CVE has higher volatility (11.65%) compared to IGF (3.85%). In terms of maximum drawdown, IGF dropped -58.33% vs CVE's -94.87%.

CVE currently has the higher Sharpe Ratio (2.98 vs 1.55), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

Portfolio Optimizer

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